Assorted Links (1/15/2012)

Quoting from this article, “…the best antidote to foolish thinking about job creation is the work of economists Steven J. Davis and John Haltiwanger. Their painstaking research has revealed a side of America’s dynamism that isn’t always pretty. Between 1977 and 2005, years roughly overlapping Mr. Romney’s business career, some 15% of all jobs were destroyed every year, even as total jobs grew by an average of 2% a year. Job creation and destruction are both relentless, the authors showed in paper after paper. The small difference between the two is what we call prosperity.”

“Directed by Michel Hazanavicius. With Jean Dujardin, Bérénice Bejo, John Goodman, James Cromwell. Hollywood, 1927: As silent movie star George Valentin wonders if the arrival of talking pictures will cause him to fade into oblivion, he sparks with Peppy Miller, a young dancer set for a big break.”

“I don’t particularly like math. I’ve never been a fan of magic either. For some reason, however, when I heard about a new book entitled Magical Mathematics written by two first-rate mathematicians, Persi Diaconis and Ron Graham, I felt compelled to buy it and read it.”

The author of this thoughtful and well researched article is Jonathan Macey, who is a professor of corporate law, corporate finance and securities law at Yale Law School. Professor Macey provides a very clear and succinct explanation of what the role of “private equity” is in a free market economy (hint: it ISN’T what Rick Perry and others say it is). Quoting from this article, “…Jonathan Macey notes that the alternative to the leaner, smaller firms created by private equity are bankrupt firms that don’t employ anybody.”

Interesting quotes from this article by NYU law professor Richard Epstein: 1) “Warren wants to reduce the role of the entrepreneur in society.” 2) “Laissez-faire capitalism requires an effective and focused government.” and 3) “Time after time, Warren embraces coercion over cooperation.”